Thanks, Dominic and thanks to everyone for joining us on the call. As outlined in our first quarter earnings materials, we had anticipated that the economy in our region would remain in a complete stay-at-home protocol throughout the second quarter due to the uncertainty related to the COVID-19 pandemic. Thankfully, as the regional health situation began to improve, we started to see modest improvement in economic activity starting in mid-May, followed by the official reopening of the economy in early June. While we continue to move through the various phases of reopening established by our state and local governments, this process has been uneven and continues to evolve. The impact of this recovery is reflected in the results for the second quarter. And while the local economy continues to open, longer term economic forecasts expect an extended recovery.
As detailed in the earnings release, WSFS recorded a net loss of $7.1 million, or $0.14 per share for the second quarter. These results were directly attributable to the $94.8 million provision for credit losses in the quarter. As noted by Dominic, we have provided details in the earnings supplement on CECL, credit and the loan portfolio. I will also provide additional comments on credit in a few moments. Excluding the impact of the provision, our operating performance this quarter was solid. Core pre-provision net revenue was $63.5 million, or 1.96% of assets. This includes approximately $3 million of pre-tax income related to PPP.
PPP was obviously a highlight and organizational focus during the quarter. We are proud to have assisted our customers and communities by processing almost $1 billion of loans, which went directly into the local economy and support an estimated 100,000 jobs. When excluding PPP, the continued intentional decline in the non-relationship run-off portfolios and increase in the allowance for credit losses, loans were essentially flat for the quarter, reflecting low levels of business activity. Deposit growth was very strong, with total customer deposits growing at a 28% annualized rate, when excluding the estimated impact of PPP loan proceeds. PPP reduced the net interest margin by 8 basis points in the quarter. The ongoing impact of PPP on the NIM will be dependent upon the timing and magnitude of the forgiveness results. We have included the estimated NIM impact in our second half outlook in the supplement.
Interview with Rodger Levenson, CEO at WSFS Bank
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